The ramifications of cyber hacks will increase from 22nd Feb 2018

From Thursday 22 February, Australia’s notifiable data breaches (NDB) scheme comes into force.  The scheme requires notification of unauthorised access to, disclosure of, or loss of information likely to result in serious harm. The NDB scheme means you cannot keep silent on data breaches and hope for the best. Breaches must be reported to both the Office of the Australian Information Commissioner and people affected.  The mandatory reporting provisions only apply to businesses with a revenue of more than $3 million per annum.

Inadequate security is frequently to blame for breaches. We suggest you review your arrangements with cloud and other third-party service providers and, where possible, encrypt sensitive information before disclosing it to third parties

-Multiple backups are a must

-Whether or not the NDB scheme is triggered in a ransomware attack, business impact and reputational damage can be substantial

-Encryption can effectively protect data.

A cyber insurance policy is part of every successful business’s risk management framework. Cyber insurance is not the first line of defence; it is designed to protect a business when its IT security, policies and procedures fail to stop an attack.  A cyber product can include instant access to an incident response team of experts who understand the importance of immediately mitigating potential threats to insureds’ businesses.  It can also give a business financial support and incident response expertise to recover from adverse events, including ransomware attacks, point-of-sale intrusions, denial-of-service attacks and cyber espionage.

Please contact Experien General Insurance Services if you would like a quote for a Cyber Insurance Policy at any time via this link  https://www.experien.com.au/business-insurance-quote/  or email us at info@experien.com.au or call us on 1300 850 137.